BUY REO
QUALIFICATIONS
*Licensed since 1989
*Specialize in REO Marketing for more than 10 years
*Experience in pre-foreclosure bpo's, cash for keys, evictions, personal property eviction, trash outs, and property maintenence.
*Clients include: Fannie Mae, Option One, Countrywide, Wells Fargo/Premiere Asset Service, HSBC, Chase, Citigroup, etc.
*Member of National, State, and Local Association of Realtors
*Member of Lafayette Regional Association of Realtors
*Member of White County Assocation of Realtors
| | | Buying REO Properties with greater knowledge and less stress begins here....
INFORMATION TO CONSIDER WHEN PURCHASING REO PROPERTY
1. Consult with an attorney for any legal advise including legal interpretation of any documents.
2. Seek professional independent inspectors to inspect the condition of the real estate and its improvements, including but not limited to inspections for asbestos insulation, lead base paint, mold or other biological contaminants, radon and wood eating insects and organisms.
3. Contact the Township Assessor's Office and/or the County Treasurer's Office concerning the current status of real estate taxes.
4. Buyer should rely on its own investigation or contact the Township Assessor's office and/or the County Area Plan Office, or Licensed Surveyor concerning the square footage of the improvements located on the real estate and/or the real estate's zoning classification.
5. Buyer should contact the Office of the Superintendent of the school system in which the real estate is located concerning information pertaining to the schools, that buyer's children would attend.
6. Buying REO does not have to be a stressful transaction. It can be very rewarding if understood from the beginning.
WHAT TO EXPECT FROM THE SELLER WHEN PURCHASING REO PROPERTIES
1. Seller encourages buyer to have inspections for future knowledge when buyer is homeowner. Seller will not make repairs to home unless negotatied in contract.
2. Seller will request a pre-approval letter from purchaser's choice of lender.
3. In some cases Seller will request purchaser be qualified by lender of seller's choice, however, purchaser is not obligated to use seller's choice.
4. Seller will have purchase addendums that must be signed along with local offer to purchase forms. Seller's addendums will always supercede local offer to purchase form.
5. Seller will charge purchaser a Per Diem if closing extends beyond agreed upon closing date unless extension to close is agreed upon in writing. Typical Per Diem's can be $50 to $100.00 per day. It is important that buyer's agent, buyer's lender and buyer stay aware of the agreed upon closing date.
WHAT TO EXPECT FROM YOUR REAL ESTATE AGENT WHEN PURCHASING A REO
1. Your agent is an important part of the transaction and is aware of the importance to remain on schedule with agreed upon deadlines, inspections, appraisals, and loan committment.
2. Your agent can do a market value opinion for you to determine if you have any equity in your new home. This will help you if you have less than 20% down payment and Private Mortgage Insurance.
3. Your agent will recommend several inspectors and lenders for you to choose from when needed.
4. Your agent will guide you through the process of purchasing an REO property. This process is more complex than a normal seller/buyer purchase and the experienced agent will take the time to make certain you understand all documents and addendums of the purchase.
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| | Featured Listings | 
Monticello
4Bd/2Ba 1792 sqft
$89,900 | 
Monticello
4Bd/1Ba 1716 sqft
$69255 | 
Camden
4Bd/1Ba 2200 sqft
$64900 | 
Monticello
3Bd/1.5Ba 1488 sqft
55,900 | 
Monticello
3-5Bd/2+Ba 1300 - 2500 sqft
$2000-$5000/mo | 
Monticello
10 to 100 acres
$150+ per acre | 
Wolcott
3Bd/2Ba 2000 sqft
$ |
BUY REO FOR A BETTER INVESTMENT
Facts You Should Know When Purchasing a REO....
#1...Get a Realtor experienced with REO Procedures.
#2...The Listing Agent has no previous contact with homeowner, so property information is limited.
#3...Properties usually have been vacant for a long period of time which may allow for deterioration
of mechanical systems. Your inspector will help identify these issues.
#4...Property boundaries are unknown and if desired should be located by a Licensed Surveyor. You may contact the Indiana Society of Professional Land Surveyors for local professionals.
#5...Investigate finance options in advance of making offer to purchase by informing lender of property condition and whether property is a frame, manufactured, or modular construction.
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